Nandan Denim has issued 2.5 million fully convertible warrants that will be converted into equity shares at Rs 200 per share within 18 months.

In a disclosure to BSE in September, the company had said, “The conversion price of Rs 200 per share is at over 70 per cent premium to Friday, September 18 closing price of Rs 115.50 per share on BSE and 250 per cent premium to the book value of Rs 57 per share.” The company had first disclosed the proposed issue in September.